The OPEC Fund for International Development is extending a $35 million loan to Uzbekistan’s State Joint-Stock Company Asaka Bank to strengthen food security and support the expansion of climate action projects in the country.
According to the press release, the funding will help increase access to finance for agriculture and strengthen the bank’s climate finance portfolio.
OPEC Fund President Abdulhamid Alkhalifa said that, “Our partnership with Asaka Bank supports two crucial priorities for Uzbekistan – ensuring food security and addressing climate change. Agriculture remains a cornerstone of the country’s economy and targeted investments in sustainable practices will help smallholder farmers build resilience and boost productivity. The new financing reflects our commitment to fostering economic growth while driving climate action.”
Agriculture is a key driver of Uzbekistan’s economy, accounting for 25 percent of the country’s GDP and also employing about a quarter of the workforce. As the sector faces challenges such as extreme weather events, water scarcity, and limited access to finance, strengthening financial support for small-scale farmers can create far-reaching benefits.
Asaka Bank will on-lend the OPEC Fund’s loan to small and medium-sized enterprises and agribusinesses, enabling them to access essential financing for growth. This will help farmers and rural enterprises secure critical services, adopt modern technology, and expand market access – strengthening productivity and resilience across the sector.
Asaka Bank is Uzbekistan’s fourth-largest commercial bank by assets and gross loans. The bank plays a key role in financing economic development and is majority state-owned. The OPEC Fund partners with Asaka Bank through its risk-sharing program with international financial institutions.
The OPEC Fund has been a longstanding partner of Uzbekistan for 25 years, supporting nearly 30 public and private sector projects with a total loan volume of $800 million to date. A Country Partnership Framework signed in 2024 earmarks $500 million in new OPEC Fund financing to advance Uzbekistan’s sustainable development agenda until 2029.
This article was updated on 28 June 2026 to correct an editorial error involving the featured image used in the original version. We regret the error and have replaced the image to ensure accuracy. GCC Business News remains committed to editorial integrity, transparency, and public trust.
